Retirement Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

NOTE 14 - RETIREMENT PLANS

The Company has an unfunded salary continuation plan covering certain directors, officers, and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011. The Company made contributions of $1.5 million and $1.5 million for the years ended December 31, 2024 and 2023. The Company expects to make $1.7 million in contributions in 2025.

The following table summarizes the changes in plan benefit obligations for the years ended December 31, 2024 and 2023:

Year Ended December 31,	2024			2023
Beginning benefit obligation	$	23,661		$	23,155
Interest cost		1,158			1,217
Actuarial loss (gain)		(1,355	)		739
Benefit payments		(1,456	)		(1,450	)
Ending benefit obligation		22,008			23,661
Fair value of plan assets at end of year		—			—
(Unfunded) funded status	$	(22,008	)	$	(23,661	)

The actuarial gain in 2024 was due to an increase in the year-over-year discount rate and the actuarial loss in 2023 was due to a decrease in the year-over-year discount rate.

The following table summarizes amounts recognized in the consolidated balance sheets and accumulated other comprehensive loss for the years ended December 31, 2024 and 2023:

Year Ended December 31,	2024			2023
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses	$	1,619		$	1,431
Other non-current liabilities		20,389			22,230
Net amount recognized	$	22,008		$	23,661
Amounts recognized in accumulated other comprehensive loss, before tax effect
Net actuarial loss	$	1,100		$	2,460
Weighted average assumptions used to determine benefit obligations:
Discount rate		5.6	%		5.1	%
Rate of compensation increase		3.0	%		3.0	%

Net periodic pension cost for the years ended December 31, 2024 and 2023 are described in the following table:

Year Ended December 31,	2024			2023
Net periodic pension cost	$	1,164		$	1,217
Weighted average assumptions used to determine net periodic pension cost:
Discount rate		5.1	%		5.4	%
Rate of compensation increase		3.0	%		3.0	%

Benefit payments during the next ten years, which reflect applicable future service, are as follows:

Year Ended December 31,	Amount
2025	$	1,664
2026		1,733
2027		1,694
2028		1,740
2029		1,740
Years 2030 to 2034		8,895

Other Retirement Plans

The Company also contributes to employee retirement savings plans in the U.S. and Mexico that cover substantially all of its employees in those countries. The employer contribution totaled $1.9 million and $1.8 million for the years ended December 31, 2024 and 2023.